The House of Representatives recommended a three-month moratorium for oil increases during the consultative meeting headed by House Speaker Martin Romualdez on Tuesday, September 19.
The meeting was attended by representatives of oil companies, Department of Energy (DOE) officials, and lawmakers.
In a report by RH 12 Milky Rigonan, Romualdez said that the lower chamber is only asking not to implement an oil price hike until December because it is already a great burden on the lives of every Filipino, and oil companies have yet to make a commitment because they will first consult with their officials.
If the House Speaker’s proposal for temporary suspension of the imposed excise tax or VAT on petroleum products is followed, the price of petroleum products will drop by ten pesos per liter, but a total of P14 billion will be lost in government revenue.
There will be another consultative meeting next week, and it is expected that they will implement some actions.
Meanwhile, the hearing also discussed the review or complete repeal of the Oil Deregulation Law, and Romualdez directed the Committee on Energy to discuss the various bills submitted to repeal the Oil Deregulation Law.
